Slightly off subject but does being a London club hinder us? Cost of living etc in London and the SE is generally a fair bit more than the rest of the country therefore do we get less value for our salary cap? This is always the problem when you have a national wage which the cap effectively is.
I'd say it would probably be an issue down at the lower end of the wage spectrum - e.g a £60k salary in the South East vs. a £60k salary in Sale/Newcastle is a different lifestyle I'd imagine.